Paywalls: Monetizing Online Content
研究了报纸付费墙对在线读者参与度的影响，以及对印刷版的溢出效应，并以纽约时报为例量化了这两种外部性的大小，为在线内容货币化提供参考。
In recent years, many news providers have begun monetizing online content through paywalls. While the premise behind paywalls is that the subscription revenue can be a new source of income, the externalities that might arise from this pricing change are unclear. The authors study two potential externalities of newspaper paywalls: (1) the effect of a paywall on the engagement of its online reader base and (2) the spillover effect on the print version of the newspaper. The engagement effect considers how the paywall altered the various engagement metrics among light and heavy readers of online news. The spillover effect is likely to arise if readers view print and online versions of a newspaper as substitutes, implying that increasing the price of the latter is likely to increase the demand for the former. Moreover, many newspaper paywalls offer bundles wherein print subscribers are provided free access to the online newspaper. Therefore, the value that a reader derives from the print subscription could be higher after the erection of the paywall. As a result, paywalls are likely to have a positive spillover effect on print subscription and, consequently, circulation. The authors document the sizes of the two externalities for the New York Times paywall and compare them with the direct subscription revenue generated. They comment on implications for newspapers and online content providers that are seeking mechanisms to monetize digital content.